4 Ways to Keep your Family Financially Safe

There are some simple steps that can make tough financial times easier if tough times strike.  Here are 4 ways to keep your family financially safe.

Life has many ups and downs but financial stability can help you and your family get through tough times.  There are some simple steps that can make tough financial times easier if tough times strike. Some of these topics are tough, but keeping your family financially safe if you lose a job, lose property or lose your life these steps can keep your family going.  Here are 4 ways to keep your family financially safe.

1. Money Earners Should Have Life Insurance

4 Ways to Keep your Family Financially Safe - Life Insurance

You can Leave Your Family up to $1 Million in Life Insurance.  

Have you thought about how your family would manage without your income after you’re gone? Chances are your checking account balance won’t last forever.  Even if you do not have a family yet, now’s a good time to start planning for the future by securing a life insurance policy.  Plus, the earlier you start, the lower your monthly premiums are likely to be.  This is also, an important alternative investment ideas to take if you have more than $1000.

Life insurance is the biggest no brainer anyone should have.  And it is more affordable than you would expect.  We really like a company called Bestow.  Your application shouldn’t take more than about five minutes — and you could leave your family up to $1 million in life insurance. With policies starting at $5 per month.

You can change or cancel your plan at any time. But, why would you. The security of knowing your family is taken care of is priceless.  Life insurance is a great ways to keep your family financially safe if the unthinkable happens.

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam, sales call or even getting up from the couch, get a free quote from Bestow.

<strong>Learn More About Bestow</strong>

2. Invest for Your Future with Everyday Purchases (Every Little Bit Adds Up)

4 Ways to Keep your Family Financially Safe - Invest and Save

Putting money away is sometimes more easier said than done.  But, Acorns makes it easy to invest without missing the money you set aside. It rounds up your debit or credit card purchases to the nearest dollar and invests your digital change.  I love Acorn and it is one of the best alternative investment ideas to take if you have more than $1000 in the bank.

You can have it automatically round up all your purchases, or manually round up only the transactions you choose. Because the money comes out in increments of less than $1, you’re less likely to feel an impact in your bank account.

You don’t have to choose exactly where to invest your money. Instead, you’ll answer a few questions to create a financial profile and state your goals. Acorns uses this to build your investment portfolio, which ranges from conservative to aggressive.

You start out with a free $5 bonus from Acorn if you sign up here.

Cost: $1 per month for an account with a balance below $5,000

<strong>Learn More About Acorns</strong>

3. Live Debt Free

4 Ways to Keep your Family Financially Safe - Live Debt free

Are you currently in debt? Being debt-free makes the prospect of losing your home less likely, and it means that you don’t have to worry as much if you lose your job. If you do become unemployed, you’ll have the security to look for the ideal position rather than grabbing the first thing that comes along because you have to pay off your debt.  We found a company that will pay your credit card bills and get you on the way to debt free living.  Payoff.com  

The first step to financial wellness is taking control of your credit card debt. The Payoff Loan gives you the power to reduce multiple high-interest payments into one low-rate monthly payment.  PAYOFF could help you pay down your debt and consolidate high interest loans.

Here’s how it works: Payoff will give you multiple options.  You just select the offer that works best for you and finish your application.  Upon approval Payoff will send you funds directly into your account to pay off those credit card bills.

There is huge benefits? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster.  There are no late payment fees and the program is designed to help your credit score.  Plus, no credit card payment this month.

Payoff won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just minutes, and it could save you thousands of dollars. Totally worth it.

<strong>Learn More About Payoff</strong>

Another Get out out debt company is Upstart

Upstart personal loans can be used for a variety of purposes, including debt consolidation, medical expenses, home improvements and college tuition. Most borrowers use their funds to consolidate debt, according to the company.  Upstart’s underwriting helps younger applicants or others who have thin or no credit history but high earning potential qualify for a loan, according to a company spokesperson. The company uses machine learning models to assess factors such as college degrees, area of study and job history when reviewing loan applications.

Credit requirements: For applicants with a credit history, Upstart requires a minimum credit score of 580 in most states, no recent bankruptcy or delinquent loans and fewer than six inquiries on a credit report in the past six months, not including inquiries related to student loans, car loans or mortgages.

Fast funding: Upstart provides quick loans that typically fund the next business day after approval, except for loans for educational expenses, which are subject to a three-day waiting period.

Loan example: Upstart’s average three-year loan has an annual percentage rate of 20%, according to the company. For a borrower with fair credit, a three-year, $10,000 personal loan at 21.8% APR would have monthly payments of $381. Upstart is another strong alternative investment idea.

Check your rates here.  Checking your rate won’t affect your credit score.  

<strong>Learn More About UpStart</strong>

If you are interested in more information on debt consolidation, check out Should I consolidate debt?

4.  Create A Family Budget

Try a simple budgeting plan.  We recommend the popular 50/30/20 budget. In it, you spend roughly 50% of your after-tax dollars on necessities, no more than 30% on wants, and at least 20% on savings and debt repayment.  We like the simplicity of this plan. Over the long term, someone who follows these guidelines will have manageable debt, room to indulge occasionally, and savings to pay irregular or unexpected expenses and retire comfortably.

There are also some tools you can use that will help you create a budget.  We really like Mint.

Work hard on all the different ways to keep your family financially safe.  It is important.